This paper addresses the incremental effects of two anomalous variables: pricescaled one-year-ahead analysts’ early-in-the-year earnings forecasts from Elgers, Lo, and Pfeiffer (2001) and price-scaled implicit firm values from Frankel and Lee (1998), where implicit firm values are defined in a manner consistent with the Ohlson (1995) residual income model. Because analysts’ forecasts are input ...

This paper proposes a model aiming at decomposing the Net Final Value of project under certainty. It makes use systemic outlook: investor's net worth is regarded as dynamic system whose structure changes over time. On this basis, profitability index presented, here named Systemic Added (SVA), which lends itself to periodic decomposition: shares formally translate economic concept residual incom...

We empirically estimate the substitutability of fixed and mobile services for telecommunications access using a large, U.S. household survey conducted over the period 1999-2001. We take advantage of telephone price subsidy programs for low-income households to identify large, exogenous changes in fixed service prices to find substantial demand substitutability between fixed and mobile subscript...

OBJECTIVE To study the trends of socioeconomic inequalities and socioeconomic inequalities in self-perceived health in Spain between 1987 and 2001. METHODS We estimated the distribution of educational level and per capita provincial income, and the differences in less-than-good self-perceived health by educational level and per capita provincial income in each period. RESULTS The percentage...

Objective: To study the trends of socioeconomic inequalities and socioeconomic inequalities in self-perceived health in Spain between 1987 and 2001. Methods: We estimated the distribution of educational level and per capita provincial income, and the differences in lessthan-good self-perceived health by educational level and per capita provincial income in each period. Results: The percentage o...

The relationship between disclosure and cost of equity capital has always been interesting not only for managers, but for investors as well. Economic theory suggests that by increasing the level of corporate reporting firms not only increase their stock market liquidity, but they also decrease the investors’ estimation risk, arising from uncertainty about future returns and payout distributions...

This paper examines the relative importance of earnings and operating cash flows in equity valuation. In contrast to previous studies that use stock returns or future operating cash flows, we use ex post intrinsic value of equity as the criterion for comparison. Ex post intrinsic value of equity is determined adopting both the discounted dividend and residual income models with ex post (future)...

Work often requires up-front costs in exchange for delayed benefits—one must search for a job before becoming employed, paychecks are typically delayed by a few weeks, and a promotion may come only after months or years of extra effort—and mounting evidence documents present bias over labor supply in the face of such delays. This paper studies the implications of such present bias for the optim...